Disallowance of depreciation on goodwill under the Income Tax Act

Last updated: 07 September 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled on the allowance of depreciation on goodwill. In the case of Johnson Matthey Chemicals India Private Limited, the Tribunal allowed depreciation on goodwill, referencing its own prior orders. The revenue did not present any contrary arguments, leading to the allowance of this ground for the assessee. The appeal was partly allowed.

Court :
ITAT Pune

Brief :
This appeal by the assessee against the final assessment order dated 30-01-2017 passed by the AO u/s. 143(3) r.w.s. 144C(13) of the Act for assessment year 2012-13.

Citation :
ITA No.725/PUN/2017

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